One year after avoiding a sovereign downgrade by setting up a ruling coalition and passing budgetary measures that aligned the fiscal trajectory to the Excessive Deficit Procedure (EDP) commitments, Romania is now facing new scrutiny from the major rating agencies. While its public sector metrics improved significantly over the past year, thanks to the fiscal measures legislated in December 2024 and in the summer of 2025, the country’s expectations are constrained by political uncertainty and a lack of follow-up plans to avoid slippage into the non-investment region. [...]